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Prepare journal entries for each of the following: a. Issued a check to establish a petty cash fund of $1,000. b. The amount of cash in the petty cash fund is $315. Issued a check to replenish the fund, based on the following summary of petty cash receipts: repair expense, $600, and miscellaneous selling expense, $56. Record any missing funds in the cash short and over account.

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Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124

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BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
Publisher: Cengage Learning
ISBN: 9781337272124
Chapter 8, Problem 4PEB
Textbook Problem
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Prepare journal entries for each of the following:

  1.        a.            Issued a check to establish a petty cash fund of $1,000.
  2.       b.            The amount of cash in the petty cash fund is $315. Issued a check to replenish the fund, based on the following summary of petty cash receipts: repair expense, $600, and miscellaneous selling expense, $56. Record any missing funds in the cash short and over account.

(a)

To determine

Prepare journal entry for petty cash fund.

Explanation of Solution

Petty Cash is an asset and is increased by $900. Hence, Petty Cash account is debited with $900...

(b)

To determine

Journal entry for petty cash fund.

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Chapter 8 Solutions

Financial Accounting
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